INTERAC e-TransferTM2

Do you need to send someone money? Don't know their banking information? Try an INTERAC e-Transfer! All you need is the recipient's e-mail address to send money in just a few quick and easy steps.

What is an INTERAC e-Transfer?

With an INTERAC e-Transfer, you can send money to friends and family, even if you don't know their account number or banking information. CIBC sends an e-mail to the recipient, telling them how to complete the money transfer.

It's a fast and secure way to transfer money. And you can get started by logging on to CIBC's Online Banking service!

How it works

First, you'll need the e-mail address of the person who will receive the money. You will also need to create a "security question", which the recipient must answer to complete the transfer.

E-mail is used for communications, but the money moves through the same secure network that CIBC uses every day.

Key Benefits:

Convenience

They're fast and easy to use

They're a great way to get that extra cash you need for rent, food or textbooks

Online Banking is available 24 hours a day, seven days a week

Anyone with a CIBC Canadian dollar bank account can send one

They're great for sending money as a gift, or repaying family and friends (but they're not yet available for bill payments or other business payments)

Saves time and money

No more stamps or writing cheques

No waiting for the bank to approve the transfer - the recipient has quick access to funds

Only the recipient's e-mail address is required - you don't need to know their account number

Lower cost than money orders or bank drafts

Security

CIBC uses its secure payment networks to transfer the money

Your security question, once answered correctly, helps to make sure that your money goes to the right person

Information you need to know:

CIBC fees

Sending an INTERAC e-Transfer (network fee) - $1.50

The usual withdrawal fees associated with the CIBC account (if any) are additional.

Receiving an INTERAC e-Transfer using CIBC Online Banking - FREE

Reclaiming an INTERAC e-Transfer using CIBC Online Banking** - FREE

Stopping payment on an INTERAC e-Transfer - $3.50

Note: Other participating financial institutions or the service provider for the INTERAC e-Transfer system may charge fees to senders and recipients who do not use CIBC Online Banking.

** If a customer reclaims an INTERAC e-Transfer, the next INTERAC e-Transfer sent (during the same month as the reclaim) will be free. This applies if the transfer expires, is declined by the recipient, or if messages to the recipient's e-mail address are rejected.

Security questions

Each time you send an INTERAC e-Transfer, you need to create a security question and answer combination.

The question and answer should be unique and not obvious to anyone else.

The sender needs to communicate the answer to the recipient (but not in the body of the e-mail).

What you need

INTERAC e-Transfer is quick and easy to use. You need the following to get started:

Your e-mail address

A Canadian dollar bank account at a Canadian financial institution

Access to Online Banking

How do you send an INTERAC e-Transfer?

To send a transfer, you need to know:

The recipient's name

The recipient's email address

To send or receive an INTERAC e-Transfer, you must register for this service through Online Banking. Registration is quick and easy:

Sign in to Online Banking.

Select "INTERAC e-Transfer", followed by "Get Started."

Read the "Terms and Conditions for CIBC e-Transfer" and if you agree, select "I Accept."

At the "Set me up" page, provide:

Your email name.

Your email address.

Select "Continue."

At the "Status" page, use the left-side navigation bar to begin the process of sending or receiving an INTERAC e-Transfer.

Note: The email address you provide for an INTERAC e-Transfer will replace any previous ones offered - even those used for general purposes.